Two New England insurers have signed an affiliation agreement that they say will allow them to expand their capital base and combined footprints with agents in most of the six-state region.
The agreement brings together Connecticut-based NLC Insurance Cos. and Massachusetts-based The Hingham Group. NLC comprises both the New London Country Mutual Insurance Co. and the Thames Insurance Co sells insurance through approximately 300 Independent Agents in Connecticut, Massachusetts, and Rhode Island. The
Hingham Group, which consists of the Hingham Mutual Fire Insurance Co. and Danbury Insurance Co., writes homeowners, dwelling fire and — through its majority-owned subsidiary, Casco Indemnity Co. — private passenger automobile insurance products through 300 agents across New England.
The companies said the agreement is expected to close in the third quarter pending regulatory approval.
“We believe our two groups fit together nicely and will be able to exploit all the benefits an affiliation brings in terms of scalability, operational efficiencies, and geographical diversification for our policyholders and agents,” said Steve H. Chevalier, president of NLC.
In connection with the agreement, ratings agency A.M. Best Co. said the financial strength rating of A- (Excellent) and issuer credit rating of “a-” for NLC Insurance Cos. were unchanged. Best Co. has placed under review with positive implications the financial strength rating of B (Fair) and issuer credit rating of “bb” of The Hingham Group. Best also placed under review the financial strength rating (B+) and issuer credit rating of Casco Indemnity Co.
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